United Airlines 2007 Annual Report Download - page 112
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UAL Corporation and Subsidiary Companies
Combined Notes to Consolidated Financial Statements (Continued)
(6) Income Taxes (Continued)
The significant components of the income tax expense (benefit) are as follows:
Successor
Predecessor
(In millions)
Year Ended
December 31,
2007
Period from
February 1 to
December 31,
2006
Period from
January 1 to
January 31,
2006
Year Ended
December 31,
2005
UAL
Current tax expense $ 6 $ — $ — $ —
Deferred tax expense (benefit) (exclusive of
the other components listed below) 291 21 8,488 (7,830)
Increase (decrease) in the valuation
allowance for deferred tax assets — — (8,488) 7,830
$ 297 $ 21 $ — $ —
United
Current tax expense $ 6 $ — $ — $ —
Deferred tax expense (benefit) (exclusive of
the other components listed below) 290 29 8,397 (7,779)
Increase (decrease) in the valuation
allowance for deferred tax assets — — (8,397) 7,779
$ 296 $ 29 $ — $ —
The income tax provision differed from amounts computed at the statutory federal income tax rate, as follows:
Successor
Predecessor
(In millions)
Year Ended
December 31,
2007
Period from
February 1 to
December 31,
2006
Period from
January 1 to
January 31,
2006
Year Ended
December 31,
2005
UAL
Income tax provision at statutory rate $ 243 $ 15 $ 7,998 $ (7,410)
State income taxes, net of federal income tax
benefit 13 1 423 (416)
Nondeductible employee meals 10 9 1 11
Nondeductible interest expense 21 — — —
Medicare Part D Subsidy (2) (12) (2) (17)
Valuation allowance — — (8,488) 7,830
Share-based compensation 2 5 — —
Other, net 10 3 68 2
$ 297 $ 21 $ — $ —
103
Source: UNITED AIR LINES INC, 10-K, February 29, 2008